The top 10 best-selling projects across 16 cities have been unveiled. Who is the winner?

Strong structural differentiation is the core signal of the property market in October.

01

In the new residential market, when broken down by the opening performance of each city, the average opening sell-through rate of 5 cities including Zhengzhou, Chongqing, Tianjin, Beijing and Wuhan exceeded 70%, one more city than the previous month; the average subscription rate of Changsha, Hangzhou, Hefei, Shenzhen, Nanjing, Xi'an and Chengdu fell in the range of 30%-70%.

Shanghai is a special case. Among the 40 launched projects, 18 projects continued sales directly. After excluding these projects, the opening sell-through rate rose from 23.62% to 58.25%.

From the perspective of changes in subscription rates across cities, the average opening sell-through rate of 9 cities was higher than that of the previous month. It is not difficult to see that with the slowdown of project launch pace in most cities, the overall quality of newly launched projects has improved significantly, and market purchasing power is further concentrated in high-quality projects.

A total of 31 hot-selling properties were generated from 164 projects in 16 cities (the sell-through rate on the opening day ≥70%), including 10 in Shanghai, 7 in Hangzhou, and 5 in Wuhan. Among them, Wuhan has the highest proportion of hot-selling properties, 5 out of 7 opened projects achieved hot sales, accounting for more than 70%.

These hot-selling projects are mostly concentrated in mature sectors with highly completed supporting facilities, focusing on improved housing products, and their pricing is in line with regional expectations. The market has bid farewell to the general rising trend, and the differentiation will continue to intensify in the future. The fault tolerance space for real estate enterprises' products and pricing continues to narrow, and only products with prime location, high quality and sufficient safety are more likely to be recognized by the market.

02

Focusing on the TOP 10 projects by opening sell-through rate in October, Shanghai leads in the number of hot-selling properties, and the purchasing power of improved housing projects in core locations remains strong. Among them, three projects including Suhe Yan, Yuexiu Tianyu and Baoye Hongqiao Guozhanli achieved 100% sell-through. Tianjin Gediao Qingyan also achieved full sales on the opening day. Shanghai Kaiyun Aishangli and Wuhan Greentown Bund Rose Garden followed closely, with the opening subscription rate exceeding 95%.

Among the TOP 10 hot-selling projects, except for Beijing Future City · Xinghuan Shiguang and Xi'an Detong Yingjinting which are demand-oriented and moderate-improvement projects, most of the rest are high-end improved housing projects, and most of them are low-density products such as townhouse and detached villas.

Central state-owned enterprises and local state-owned enterprises are the main force of hot sales. Two projects under China Merchants Shekou, Shanghai Suhe Yan and Shangzhong Yincui are both on the list. Greentown has achieved hot sales in multiple projects in Hangzhou, Wuhan and Xi'an, and its product brand has formed a stable base of customers. Detong Yingjinting, the first opening project of private enterprise Detong Real Estate in Xi'an, stood out and became a remarkable sample of private real estate enterprises.

It is worth noting that Guangzhou and Shenzhen among the first-tier cities have no hot-selling projects on the list this month. According to the survey of Pury Data in Guangzhou-Foshan region, real estate enterprises in Guangzhou focused their efforts on destocking during the National Day holiday. After the holiday, the market entered a rest period with a slow pace of new project launches. Only Huadu District was the main project launching area, and Huadu Chengtou Chaoqi Yunzhu achieved an outstanding sell-through rate at its first opening, with nearly 80% of the properties sold.

Among the hot-selling projects in key cities in October, especially the TOP 10 projects by subscription rate, although high-end improved housing projects still dominate, the positive signal behind it is that some demand-oriented and moderate-improvement projects have also begun to achieve breakthroughs.

In general, if a project wants to achieve a high sell-through rate, it usually needs to meet multiple conditions at the same time, including core location, excellent product strength, reasonable pricing, robust developer, and appropriate project launch rhythm.

This article is from the WeChat Official Account "Ding Zuyu's Real Estate Review", author: Editorial Department, published with authorization from 36Kr.